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Autumn statement: At-a-glance guide

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26th Nov 2010
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Highlights - such as they are - from Chancellor George Osborne's autumn statement to the House of Commons on Monday 29 November. Also see our live coverage of his speech, and follow the links below to read up on specific proposals and announcements. The date for the Budget has already been set for 23 March 2011.

OBR forecast slows for 2011
The UK’s GDP growth was greater than expected in the middle of 2010, but is likely to underperform against previous OBR predictions for 2011. The “unexpected” growth was largely a timing effect that should unwind, leading to a weaker near-term forecast, it said.

Corporation Tax reforms
For tax advisers, a road map for Corporation Tax reform was the most substantial element of the chancellor's autumn statement. The first stage of the planned overhaul of Corporation Tax should see the announcement of interim exemptions for Controlled Foreign Companies in the Finance Bill 2011, to be followed by more comprehensive reforms in 2012. Also on the cards are confirmation of the "Patent Box" concept that will lower the CT rate to 10% on proceeds derived from intellectual property. The full details of the government's proposals are set out in a 100-page (1.9MB PDF) Treasury report, Corporate Tax Reform, Delivering a More Competitive System.

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